Used Cars in Birmingham
All Electric Finance
Finance

At All Electric Garages Group Plc we have dedicated finance specialists available to help you choose the right finance solution for your new vehicle. Simply call or visit one of our showrooms and we'll tailor a finance package to suit your needs.

Featured below are the most common forms of car finance that we offer.

Personal Contract Purchase (PCP)

PCP's can operate over terms of 25 months upto 42 months; at the beginning of the period the customer will pay a deposit and have set monthly repayments. At the end of the contract there are three options facing the customer:

Finance Option 1

Start the process all over again by coming back to All Electric, trading in the car and paying off the Minimum Guaranteed Future Value (GFV) to the finance company. Any surplus can then be put towards the deposit on a new car. Alternatively, the car can be sold privately, keeping any surplus in excess of the GFV.

Finance Option 2

Return the car and walk away. If the market conditions have changed and the car is worth less than the GFV, the lender will absorb any loss. Provided the vehicle is in good condition for its age and does not exceed the agreed mileage.

Finance Option 3

Keep the car by paying off the GFV. Even if the vehicle is worth more, the customer only has to find the agreed GFV set at the outset of your finance plan. This final GFV can even be re financed subject to status and conditions. Both new and used vehicles can be purchased on a PCP plan.

Hire Purchase (HP)

This is the most common form of car finance after PCP's. The customer pays the cost of the vehicle plus interest in fixed instalments over a pre-determined contract period of upto 5 years. If all the payments are satisfied, full ownership passes to the customer when the final instalment is paid.